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UPM 2021 Annual Report, Corporate Governance Statement and

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UPM-Kymmene Corporation Annual Financial Report March 1, 2022 at 9:30 a.m. EET

UPM Annual Report 2021, Corporate Governance Statement and Remuneration Report published

UPM’s 2021 Annual Report has been published online at www.upm.com and www.upm.fi. The annual report including the company’s financial statements and the report of the board of directors for the period from January 1 to December 31, 2021 is available in English and Finnish on the company’s website. In accordance with the reporting requirements of the European Single Electronic Format (ESEF), the financial statements and the report of the board of directors for the year 2021 have also been published in xHTML format. In accordance with ESEF requirements, the main statements of the consolidated financial statements have been tagged with XBRL tags. XBRL tags have not been audited and have not been verified by auditors.

UPM has also published its 2021 corporate governance statement and the remuneration report for the 2021 financial year. The remuneration report for the governing bodies presents the remuneration of the directors and the chief executive officer. The 2021 remuneration report will be presented at the 2022 annual general meeting on March 29, 2022. The declaration and the remuneration report are available on the company’s website at www.upm.com/governance (the Investors under Governance section).

All material information has been incorporated into it, in its entirety provided by a third party and no separate sustainability report is published.

2021 has been a good year for UPM. Our earnings returned to high pre-pandemic levels and five of our six businesses exceeded their long-term financial targets. The year was also significant in our strategic growth projects. The annual report provides detailed information on the progress of these growth projects and our efforts to ensure the safety of our staff and ensure performance. We renewed our 2030 social responsibility targets and joined the Climate Pledge, which aims to achieve climate neutrality by 2040 and meet the Paris Agreement targets 10 years ahead of schedule. In 2021, our energy-related CO2 emissions decreased by 8%. As part of our journey to carbon neutrality, our goal is to end the use of coal power by 2030. We create positive impact and enable our customers and consumers to make more sustainable choices with our products. Our goal is to create a future beyond fossils.

The annual report, the declaration and the remuneration report can be downloaded as PDF files in English and Finnish and the financial statements and the report of the board of directors as an xHTML file and they are also attached to this press release.

The printed annual report will be published the week beginning March 14. The printed report can be ordered at www.upm.com/investors/subscribe-to-the-annual-report/ .

Attachments
Annual report 2021
Financial statements and report of the board of directors for the year 2021 in xHTML format
2021 Corporate Governance Statement
The 2021 compensation report

UPM-Kymmene Corporation
Pirkko Harrela
Executive Vice President, Stakeholder Relations

UPM, Media Relations
Mon-Fri 9:00-16:00 EET
Phone. +358 40 588 3284
[email protected]

UPM
We provide sustainable and responsible solutions and innovate for a future beyond fossils in six business areas: UPM Fibres, UPM Energy, UPM Raflatac, UPM Specialty Papers, UPM Communication Papers and UPM Plywood. As an industry leader in accountability, we are committed to the United Nations Business Ambition for 1.5°C and science-based climate change mitigation targets. We employ 17,000 people worldwide and our annual sales are around 9.8 billion euros. Our shares are listed on Nasdaq Helsinki Ltd. UPM Biofore – Beyond fossils. www.upm.com

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